Category: Mining

Morgan & Morgan acted as Panamanian legal counsel to First Quantum Minerals Ltd., in connection with the offer of up to US$850,000,000.00 in aggregate principal amount of 6.500% senior notes due 2024 and up to US$1,000,000,000.00 in aggregate principal amount of 6.875% senior notes due 2026. The issuance was agreed pursuant to the terms and subject to the conditions set forth in the offering memorandum dated February 20, 2018.

The proceeds of the issuance will be used to repay the company’s revolving credit facility with a view to providing liquidity sufficient to fund the company’s share of remaining capital expenditures at the Cobre Panama project (a US$6.4 Billion open-pit copper mining, the biggest private sector investment in Panama´s history), to repay its term loan facility, for general corporate purposes and to pay fees associated with the offering.

Franco-Nevada (Barbados) Corporation, as Buyer, and Minera Panama, S.A., as Seller, and Inmet Panama I S. À R.L., and Inmet Panama II S.A., and Inmet Finance Company S. À R.L.; signed a revised Purchase and Sale Agreement dated October 29, 2015, for a precious metals stream on the Cobre Panama copper project in Panama, by which the Buyer would provide a cash deposit payment of US$1,000,000,000.00 against future deliveries by the Seller of certain precious metals.

Franco-Nevada (Barbados) Corporation, as Buyer, and Minera Panama, S.A., as Seller, and Inmet Panama I S. À R.L., and Inmet Panama II S.A., and Inmet Finance Company S. À R.L.; signed a revised Purchase and Sale Agreement dated October 29, 2015, for a precious metals stream on the Cobre Panama copper project in Panama, by which the Buyer would provide a cash deposit payment of US$1,000,000,000.00 against future deliveries by the Seller of certain precious metals.

Minera Panama, the Eduardo Morgan Foundation and the Centennial Sport’s Club reaffirmed their commitment to the Panamanian children by signing an agreement with the aim of promoting healthy habits and values through sports.

Children from communities neighboring the Cobre Panama project will benefit from this initiative through the development of the soccer schools “Promesas del Caribe” and local technician training in 10 surrounding communities. The first stage will benefit about 90 children from the communities close to the project, who will have 20 technicians endorsed by the Physical Education Faculty of the University of Panama.

Practicing sports from an early age defines character, promotes values and provides discipline in children; qualities that will be great tools in both their personal and professional future. All this is reinforced through the methodology of “street soccer” promoted by Morgan & Morgan through the network “Playing for Peace”, which will be integrated into the operation of these schools.

Morgan & Morgan acted as Panamanian counsel to First Quantum Minerals Ltd., in connection with the offer of up to US$850 million in aggregate principal amount of 7.50% Senior Notes pursuant to Rule 144A and Regulation S.

First Quantum Minerals Ltd. has a global portfolio of mining assets located in Australia, Finland, Mauritania, Panama, Peru, Spain, Turkey and Zambia. In Panama First Quantum assumed an 80% equity interest in Minera Panamá, S.A., the Panamanian company that holds the Cobre Panama concession, a large open-pit copper development project located 120 kilometres west of Panama City and 20 kilometres from the Caribbean Sea Coast. The concession consists of four zones totaling 13,600 hectares.

Morgan & Morgan acted as Panamanian counsel to Minera Panama, S.A., subsidiary of First Quantum Minerals, in connection with the purchase of concession and mining exploration rights and assets of Petaquilla Minerals, Ltd. and subsidiaries for an amount of up to US$60 million.

The transaction entailed the purchase of assets, acquisition of government approvals, and the cancellation of a mortgage of over real property, among others – therefore, complex legal work and negotiations with various parties was involved.

In Panama First Quantum Minerals assumed an 80% equity interest in Minera Panama, S.A., the Panamanian company that holds the Cobre Panama concession, a large open-pit copper development project located 120 kilometres west of Panama City and 20 kilometres from the Caribbean Sea Coast.

Morgan & Morgan represent Minera Panama, S.A., in the development of a copper mining project in the District of Donoso, Province of Colon, in the Republic of Panama. This project will be valued over US$4 billion and is one of the largest and most important projects under development in Panama. Inocencio Galindo is the partner that leads this matter, with assistance from senior associate Ramon Varela and associates Elizabeth Heurtematte, Kharla Aizpurua and Roberto Vidal.

Morgan & Morgan acted as legal advisor to Inmet Mining Corporation (Inmet) and Minera Panama, S.A., in connection with Panamanian legal aspects related to the sale of a 20% participation in the company to Korea Panama Mining Corporation (KPMC). Minera Panama, S.A. is the owner and developer of the Cobre Panama project, a US$6.18 Billion copper mining project.

Morgan & Morgan acted along with and assisted Inmet´s international counsel, Torys LLP, as well as Inmet´s and Minera Panama, S.A.´s internal legal departments in achieving the closing on this transaction.

In addition to the amounts paid by KPMC to close the acquisition of its 20% stake in Minera Panama, S.A., its investments includes a commitment by the investor to contribute 20% of the project’s development costs.

Temasek Holdings is an investment company owned by the government of Singapore and it is an active shareholder and investor in financial services, telecommunications & media, technology, transportation, industrials, life sciences, consumer, real estate, energy & resources